The Competition Tribunal announced yesterday it has approved the proposed merger of a subsidiary of African Rainbow Capital Investments (ARC) and the Commonwealth Bank of SA. ARC is bidding to acquire the other 90% of the bank it does not already own, and which houses the TymeDigital banking platform. The stake is currently held by the Commonwealth Bank of Australia which is developing TymeDigital into a “full service digital bank”. While ARC already has a number of investments in the financial services industry, the completion of the transaction would result in ARC’s first foray into banking and one of the few investments it owns outright. It will also result in TymeDigital becoming the country’s first black-owned digital bank. According to TymeDigital’s website, it aims to provide “affordable and accessible banking services through a growing network of partners. Increasing awareness about financial services and their responsible use through financial education is an essential part...

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